P1. Business activities for the Coyote Company for December 2022 are presented below. Coyote

1. Issued common stocks for $700,000 in cash.

2. Purchased land at $450,000 in cash.

3. Purchased equipment at $50,000, for which $15,000 was paid in cash and the remainder on credit.

4. Purchased supplies for $1,600 in cash.

5. Paid off what Coyote owes to purchase the equipment in the transaction 3.

6. Paid wages to employees for $5.000.

7. Hired an administrative assistant at an annual salary of $60,000.

8. Purchased inventory for $150,000, for which $70,000 was paid in cash and the remainder on credit.

9. Paid off what Coyote owes for the purchase of inventory in transaction 8.

10. Sold inventory costing $40,000 for $60,000 on credit.

11. Received the full payment for the transaction 10 in cash.

12. Paid dividends to stockholders of $1,500.

Instructions: prepare any necessary journal entries for each activity above and identify each activity by number. You may omit journal explanations.